RBI slaps penalties on Axis Bank, UCO Bank and Syndicate Bank

The Reserve Bank of India (RBI) has imposed separate monetary penalties on lenders — UCO Bank, Axis Bank and Syndicate Bank — over deficiencies in complying with different regulatory norms.

The RBI imposed a penalty of Rs 2 crore each on UCO Bank and Axis Bank for non-compliance with its circular on ‘Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account’ and Master Directions on ‘Frauds – Classification and Reporting by commercial banks and select FIs’.

In addition, a separate penalty of Rs 20 lakh was imposed on Axis Bank for contravention of the directions contained in ‘Master Circular on Detection and Impounding of Counterfeit Notes’ and, the ‘Circular on Sorting of Notes – Installation of Note Sorting Machines’.

In another statement, the RBI said it has imposed a penalty of Rs 1 crore on the government-owned Syndicate Bank for non-compliance with the directions contained in ‘Master Circular on Frauds – Classification and Reporting’ and ‘Circular on Risk Management Systems in Banks’.

Mother Dairy hikes poly pack milk prices after Amul

New Delhi: Following the price hike by Amul Milk, Mother Dairy is to raise the consumer prices of its poly pack milk variants in Delhi NCR effective from Saturday, the company said in a statement here.

The Mother Dairy 1 litre pack price has been increased by Re 1 and the 500 ml pack by Rs 2 a litre, effectively impacting the consumer by Re 1 per pack, the statement said.

However, no price hike is being made in its Bulk Vended Milk (BVM), popularly known as Token Milk, the company said.

According to Mother Dairy, milk procurement prices have been continuously on the rise for the last three to four months due to the increase in feed and fodder cost by 15-20 per cent as well as labour costs, among others.

However, while paying higher prices to producers by 7-8 per cent compared to last year, the consumer prices had been kept intact.

The last consumer price revision in Delhi NCR for poly pack milk was done in March 2017, the company said.

Among the 7 variants that Mother Dairy produces, prices of all except Bulk Vended Milk and Cow Milk (1000 ml) have been hiked by Rs 1-2.

The new rates for the 1 litre pack of Full Cream Milk will be Rs 53, and the 500 ml pack will cost Rs 27.

Similary, the 1 litre Toned Milk pack will cost Rs 42, while the 500 ml pack will be priced at Rs 22, up from Rs 41 and Rs 21, respectively. Skimmed Milk of 500 ml pack size will now cost Rs 21, up from Rs 20.

Amul Milk prices earlier had been hiked by Rs 2 a litre with effect from Tuesday across all its six brands sold in the major markets of Delhi NCR, Gujarat, West Bengal, Uttarakhand and Maharashtra.